ICICI Wealth Management Account Holders please share your experience.

[TheTrickySid]

What's the MAB you guys maintaining in your Wealth management account.

And what's would be the ideal mab to prevent it from getting downgraded.
Or any tips to avoid getting the account downgraded without maintaining mab.

 

[SSV]

Good night guys. thanks for the conversation...

 

[Trust Me]

it doesn't cost the bank to have low maintenance wealth account.
Only major cost is if you use atm.
And your money work for them & you are just a piece of code in their server with a customer id.

So what's the basic difference from regular accounts?! Why can't they provide those free then?! If anything, regular accounts have AMB requirement, and so they actually have some money in there to work for them (as opposed to WM accounts which people apparently want to use as zero AMB accounts)!

 

[AritraSaha]

this was nice line "you are just a piece of code in their server with a customer id" .. on a side note hope we don't become same in real life once AI takes a lead role in real world 🙂

Well yesterday i watch a yt video
How npc reach when you tell them they are npc(some unreal engine features).
The line kind of inspired by that.

Well aren't we doing this at this moment.
You are a profile in tecnofino community with "abc.xyz" username, talking to another profile "AritraSaha". I don't know who u r, where u live.

After reading this you might think what a wired dude.but just think about it.

 

[AritraSaha]

So what's the basic difference from regular accounts?! Why can't they provide those free then?! If anything, regular accounts have AMB requirement, and so they actually have some money in there to work for them (as opposed to WM accounts which people apparently want to use as zero AMB accounts)!

Well I don't know how the bank should operate.
I just told you its not costing them that much.

Opinion- i think they don't want to lose the customer base. Maybe they are betting on the customers who keep low balance are mostly young & have the potential to inc their income by many fold. So if the us eit as a primary account they will also keep using it later part of their life. Basically them want to create a familiarity.

 

[Trust Me]

BIG no, as far as I know no ITR data is shared to any financial institutions... For get about it..

The reason I started thinking this way was that right after I'd opened an account with them, I applied (C2C) for a Platinum CC, which they rejected (based on their "internal policy").

Within a couple of months they came back and offered me a pre-approved LTF Coral CC! When I asked what made you change your mind, I was told "now we know you better"!

There was barely any money or transactions in my account in the meantime. So how come they came to know more about me except through my PAN and Aadhaar somehow?!

 

[saucy]

Yes (although I was not your target, but here goes):

What is there, in your view (or anybody else's), in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet?!

Don't HDFC Kotak IndusInd IDFC RBL etc also give similar "premium" accounts?

Also, since we're talking about viability(Essentially profits)
Look at all the PSBs - they give accounts that are virtually 0amb for the most part, they cater to a way way way larger audience
And the do provide basic but decent banking services... While still making sizable profits

So perhaps all the banks are already above the threshold where doling away 0amb hni accounts would've caused a major dent on their balance sheets. If anything, the credit card offers are sure to cause a waaay bigger dent

Case in point :

 

[saucy]

If the govt was so chill about sharing ITR info, we'd not have to calculate our own taxes too 🤣

BIG no, as far as I know no ITR data is shared to any financial institutions... For get about it..

If at all happend at a very very high level summary level.
You are still thinking micro.. think macro..

 

[RadioactiveTabela]

Yes (although I was not your target, but here goes):

What is there, in your view (or anybody else's), in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet?!

WM program is kind of targeted. INR 100,000 is still a very large amount of a liquidity to have in India. If you are able to write a 1 lakh cheque just to open a bank account, you are very likely to be reasonably well off and somewhere in top 5% percentile of wealthy Indians. ICICI just bets that these well off customers will need premium services, maintain good CASA balance, generate a lot of loan interest income in the future. If one wants a loan, person is very likely to approach a bank s/he already has a relationship with rather than a random one.

 

[Trust Me]

Don't HDFC Kotak IndusInd IDFC RBL etc also give similar "premium" accounts?

Are they apparently as carefree about AMB or TRV for their premium accounts as ICICI? I'm not aware of HDFC giving away Imperia accounts for 1L (or their would have been similar threads about Imperia inundated with thousands of posts as well). The other banks in your list are not in the same league, so their business considerations are not likely to be comparable.

So perhaps all the banks are already above the threshold where doling away 0amb hni accounts would've caused a major dent on their balance sheets.

The question was not whether they can afford to do this apparent giveaway. They obviously can. The question was what is there for them in this. Why are they not extending the same largesse to lesser accounts where they insist on extracting their pound of flesh to begin with.

 

[Trust Me]

WM program is kind of targeted. INR 100,000 is still a very large amount of a liquidity to have in India. If you are able to write a 1 lakh cheque just to open a bank account, you are very likely to be reasonably well off and somewhere in top 5% percentile of wealthy Indians. ICICI just bets that these well off customers will need premium services, maintain good CASA balance, generate a lot of loan interest income in the future. If one wants a loan, person is very likely to approach a bank s/he already has a relationship with rather than a random one.

For people who are able to write cheques of one, or a few lakhs, there are already a number of account variants at ICICI. WM accounts are supposed to cater to customers from much higher segments. Ironically, customers of the lesser variants are apparently expected to pay more for the banking services!

 

[saucy]

Imperia is given for 5Lakhs - just as ICICI'S Wealth Select is given for WAY more than just puny lakhs. So carefree? You decide.
As for threads - i do have a consolidated thread, search for it 🌚

The reason why icici is the most discussed is twofold
1. The free cibil report. HDFC has nothing to offer for its premium customers in comparison.
2. The small free goodies ICICI gives. Plus a lower threshold to reach a considerable hni account.

As for business considerations - I beg to question how? If anything, they've got the economics of scale on their side. Their best account related offering is the platinum debit card - which people get free at a mere 25k account. They're literally doling away LTF cards to institutes way before ICICI or axis. How? Scale.

There's no "giveaway" in these accounts. What % of accounts do you think do they have "given away" as such? What % of population do you think is even aware of all these things? I didn't 5 months ago 🐼
And even if you consider these a loss proposition - sir you're literally in the company of India's top 3-5% of population in terms of education AND money. Even if 10% of THIS population of hni account holders keep 1-2 lakhs in their account for a month, they've well extracted the value already.
On top of that - the win-win situation that our panda-bro highlighted.

Don't Trust me. Take a pen-paper and do an analysis. I'll be around 🙂

Are they apparently as carefree about AMB or TRV for their premium accounts as ICICI? I'm not aware of HDFC giving away Imperia accounts for 1L (or their would have been similar threads about Imperia inundated with thousands of posts as well). The other banks in your list are not in the same league, so their business considerations are not likely to be comparable.

The question was not whether they can afford to do this apparent giveaway. They obviously can. The question was what is there for them in this. Why are they not extending the same largesse to lesser accounts where they insist on extracting their pound of flesh to begin with.

 

[saucy]

For people who are able to write cheques of one, or a few lakhs, there are already a number of account variants at ICICI. WM accounts are supposed to cater to customers from much higher segments. Ironically, customers of the lesser variants are apparently expected to pay more for the banking services!

Never saw you put the same logic to credit cards.
Why do infinia customers get the highest discounts?

Oh, and please don't get me started about who's expected to pay more. Tax filing ka breakdown dekh Lena. Jada ho to ambani kitna bharta hai wo dekh lena 🤣🤣🤣

 

[Deleted member 11974]

kya lafda chalu hai bhai
capitalism vs socialism

 

[saucy]

kya lafda chalu hai bhai
capitalism vs socialism

People forget that they stood on the shoulder of giants to be where they are

 

[Akashn]

There's no "giveaway" in these accounts. What % of accounts do you think do they have "given away" as such? What % of population do you think is even aware of all these things? I didn't 5 months ago 🐼
And even if you consider these a loss proposition - sir you're literally in the company of India's top 3-5% of population in terms of education AND money. Even if 10% of THIS population of hni account holders keep 1-2 lakhs in their account for a month, they've well extracted the value already.
On top of that - the win-win situation that our panda-bro highlighted.

I agree with you. I came to know about all this when i joined this forum. This forum is such a small part. I don't think anyone in my circle knows about this account or interested in this cc/hni bank account world. This forum making me FOMO into things but get to know about many more things as well. So Okay.

Then there is my case. They are forcing me to open Demat account before they go ahead with my Wealth account application. Pathetic RM. 😤

@saucy Big Fan bro.. You can fight my case. ⚔️😜

 

[thanix]

That's a puzzle too! How could they offer substantial loans without documentation (i.e. without due diligence)?!

Interesting discussion and missed it. Has anyone actually availed or come across any person availed this home loan without any documentation - land title, builder agreement, etc?

 

[Trust Me]

The reason why icici is the most discussed is twofold
1. The free cibil report. HDFC has nothing to offer for its premium customers in comparison.
2. The small free goodies ICICI gives. Plus a lower threshold to reach a considerable hni account.

The single most prominent thing that stands out for me in the ICICI WM threads is the idea of having a zero AMB premium account just by putting in a few lakhs for a short while.

As for 1. above, I'm personally benefiting from the HDFC Imperia by having a free locker, -- about a 2X value proposition compared to free CIBIL report! Of course, it can be argued that not everyone entitled gets it. But I did.

By the same token not everybody gets a WM account for 1L or 5L either. I was not even given such choice when I was investing > 10L (which was not to be removed in short order either).

2. What small free goodies?

 

[devsfinance]

Btw I am new to all this so to whom exactly we write this cheque to? To self right?

 

[Deleted member 11974]

Btw I am new to all this so to whom exactly we write this cheque to? To self right?

no to icici bank

 

[devsfinance]

no to icici bank

Oh really? But then they deposit the money in our account right? I am confirming this cause I am actually going to open account tomorrow and the person doesn’t know his stuff.